H.R.5930 - To provide authority for the President to seize Iraqi-held interests in U.S. entities engaged in interstate commerce, and for other purposes.101st Congress (1989-1990)
|Sponsor:||Rep. Walgren, Doug [D-PA-18] (Introduced 10/25/1990)|
|Committees:||House - Foreign Affairs; Energy and Commerce|
|Latest Action:||House - 12/03/1990 Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness. (All Actions)|
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Text: H.R.5930 — 101st Congress (1989-1990)All Information (Except Text)
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- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
HR 5930 IH 101st CONGRESS 2d Session H. R. 5930 To provide authority for the President to seize Iraqi-held interests in United States entities engaged in interstate commerce, and for other purposes. IN THE HOUSE OF REPRESENTATIVES October 25, 1990 Mr. WALGREN introduced the following bill; which was referred jointly to the Committees on Foreign Affairs and Energy and Commerce A BILL To provide authority for the President to seize Iraqi-held interests in United States entities engaged in interstate commerce, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REVIEW OF IRAQI CONTROL OF UNITED STATES COMPANIES. (a) IDENTIFICATION OF IRAQI-CONTROLLED UNITED STATES COMPANIES- The President shall identify, within 120 days after the date of enactment of this Act, those entities engaged in interstate commerce in the United States that are controlled by Iraqi persons. (b) INVESTIGATIONS- (1) DETERMINATION TO BE MADE- Except as provided in paragraph (2), the President shall conduct an investigation with respect to each United States entity identified pursuant to subsection (a) for purposes of determining whether Iraqi control of that entity might impair the national security. (2) EXCEPTIONS TO REQUIREMENT FOR INVESTIGATION- An investigation is not required pursuant to paragraph (1) with respect to an entity identified pursuant to subsection (a) if the President determines that there would be no reasonable basis for making the determination described in that paragraph with respect to that entity. SEC. 2. IDENTIFICATION OF FROZEN IRAQI ASSETS. The President shall identify, within 30 days after the date of enactment of this Act, all property or interests in property in which transactions are blocked pursuant to Executive Order 12722 (August 2, 1990) or Executive Order 12724 (August 9, 1990). SEC. 3. SEIZURE AUTHORITY. (a) PRESIDENTIAL DETERMINATIONS- The actions described in subsection (b) of this section may be taken with respect to-- (1) any interest in a United States entity engaged in interstate commerce that is held directly or indirectly by any Iraqi person if the President determines pursuant to section 1(b)(1) that Iraqi control of that United States entity might impair the national security; and (2) any property or interest in property identified pursuant to section 2 if the President determines that it is in the national interest to take such action with respect to that property. (b) SEIZURE BY THE UNITED STATES- The President may direct that any property or interest in property with respect to which a determination is made under subsection (a) shall vest (when, as, and upon such terms as the President may direct) in such agency or person as the President may designate. Upon such terms and conditions as the President may prescribe, such interest shall be held, used, administered, liquidated, sold, or otherwise dealt with, in the interest of and for the benefit of the United States (including payment of claims pursuant to section 4), and such designated agency or person may perform any and all acts incident to the accomplishment or furtherance of these purposes. Any payment, conveyance, transfer, assignment, or delivery of any interest made to or for the account of the United States, or as otherwise directed, pursuant to this subsection shall to the extent thereof be a full acquittance and discharge for all purposes of the obligation of the person making the same; and no person shall be held liable in any court for or in respect to anything done or omitted in good faith in connection with the administration of, or in pursuance of and in reliance on, this subsection. SEC. 4. PAYMENT OF UNITED STATES CLAIMS AGAINST IRAQ. (a) IN GENERAL- The President is authorized to use any funds vested under section 3, or obtained by selling or otherwise liquidating interests in property vested under that section, to pay the claims of United States persons against the Government of Iraq because of its suspension of payments due on account of credit extended by such United States persons or on account of other contractual obligations of the Government of Iraq that are held by such United States persons. (b) EQUITABLE DISTRIBUTION OF PAYMENTS- Payments to United States persons pursuant to this section shall be distributed equitably among all United States persons having claims against the Government of Iraq described in subsection (a). (c) CLAIMS PROCEDURES- The President shall establish such procedures as the President may determine appropriate for carrying out this section. SEC. 5. DEFINITIONS. As used in this Act, the term `Iraqi person' means the Government of Iraq, any entity organized under the laws of Iraq, and any citizen of Iraq (excluding any such citizen who is lawfully admitted to the United States for permanent residence). SEC. 6. ACCESS. (2)Nothwithstanding any other provision of law, the President hall have access to information necessary to carry out the provisions of this Act.